Finance

It’s important for you to understand who we are and what we do in order for you to feel confident we can find the preferred home loan solution for you. We will take you through our background and how we work, as well as answer any questions you may have about us and our services on offer.

The next step in our process is a free, no-obligation assessment of your financial situation. During this process, we will ask you some basic questions about who you are and what you’re looking to achieve using a quick form. We will look at

Scoring

We will look into your credit history and find out your credit score. It’s important to maintain as high a credit score as possible. We will be able to see any issues impacting your credit score and where possible, assist you to make adjustments to improve your score.

Serviceability

We will help you understand what you can afford to borrow, including your ability to make repayments on a loan, according to the size of the loan and your income and expenses.

To determine this we look at what you have available from your after-tax income minus your committed debts – such as car loans, personal loans and credit cards, as well as living expenses.

What’s most important, is we work out a budget with you and make sure it’s not only affordable and sustainable, but it allows you to understand your own financial situation and live how you want to live.

If need be, we will refinance car loans and personal loans to reduce outgoings and lower repayments.

From here we can find a suitable lender/s for you to choose from and structure your loan(s) accordingly.

Security

When buying a home the bank will require security for this loan. Generally, the property itself will be the “security” for the loan, provided the property is considered suitable security. Given your home will gain value the longer you have the loan the more the asset gains value.

Of course, a home loan is subject to lending criteria – the debt must be less than the value of the home. You will need to have a deposit. If you are eligible for the First Home Owners Grant this can be part of the deposit.

After we complete your financial assessment, we will review your situation to figure out how we can help you achieve your goals. In the event there are some concerns with any of the above, we will work with you to find a solution and improve the situation to give you the best chance of having your loan approved.

After we complete your financial assessment, we will create and send you a personalised home buying plan to help you achieve your goals. In the event there are some concerns with any of the above, we will work with you to find a solution and improve the situation to give you the best chance to have your loan approved.

Your home buying plan will include some calculations about your estimated repayments, borrowing capacity, and deposit requirements. This will also provide you a quick overview of your financial situation.

Once you’ve had a chance to review your home buying plan, the next step is an information session with us. During this session, we will go over your home loan requirements and financial situation in a lot more detail. We will discuss your purchase timelines and the next steps in the process. It’s important we cut through the confusion and explain the pros and cons of each lender we are considering.

We will identify any issues that could affect your ability to get a home loan and help you to come up with strategies to mitigate those issues.

After your information session, there are three likely scenarios:

1. Getting You Ready to Buy

If we find any major issues that will affect your eligibility for a home loan that can’t be fixed in the short term – or you’re just not quite ready to buy – we will work with you over the coming months to give you the training and support you need to get to the point where you’re ready.

2. Pre-approval or Eligibility Letter

If there are no issues with your loan eligibility and you are planning on buying your home within the next three months, we will get our team to prepare a pre-approval or an eligibility letter (explained below) so you can make an offer with clarity and confidence.

3. Applying for Your Loan

If you’re ready to go, or you’ve already put pen to paper on a contract of sale, we will proceed directly to lodging and preparing your home loan application.

We understand that everyone’s situation is unique and your situation might not fit neatly into one of these scenarios. Rest assured that if this is the case, we will create a unique plan for you based on your goals and what you need.

Australian Credit Licence 377921